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Brother Bought The House |
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Dear Edith: My mother recently passed away and we have sold her house to my brother. My brothers, sisters and I have received a check for our share. Do we own income tax on this money? |
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If you inherited the house, you received a "stepped-up" cost basis, value at the time of death. Assuming you sold for approximately the same amount, you have no taxable capital gain |
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Edith Originally published on December 26, 2005 |
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